Goldman Sachs has reported net earnings of $1.05bn or $1.98 per common share for the second quarter of 2015, down 48% from $2.03bn a year ago due to litigation expenses.
The firm has set aside $1.45bn for legal costs related to mortgage-backed securities during this quarter. The litigation provisions reduced earnings per common share by $2.77 for the second quarter of 2015.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
For the quarter ended 30 June 2015, net revenues fell to $9.07bn from $9.12bn in the corresponding quarter of 2014.
The investment management business of the bank reported net revenues of $1.65bn for the second d quarter, up 14% from $1.44bn a year ago. The increase was due to significantly higher incentive fees, as well as higher management and other fees and transaction revenues.
The bank said that the unit’s total assets under supervision for the second quarter of 2015 increased $1.18trn from $1.14trn during the same period last year.
Long-term assets under supervision at the unit increased $11bn, including net inflows of $14bn and net market depreciation of $3bn, both primarily in fixed income assets, the bank said in its financial statement.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataGoldman Sachs chairman and CEO Lloyd Blankfein said: "While uncertainty in the EU weighed on investors’ level of conviction, many of our businesses continued to benefit from generally improving economic conditions and healthy client activity."
